Correlation Between Beijing Roborock and Changchun BCHT
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By analyzing existing cross correlation between Beijing Roborock Technology and Changchun BCHT Biotechnology, you can compare the effects of market volatilities on Beijing Roborock and Changchun BCHT and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Beijing Roborock with a short position of Changchun BCHT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Roborock and Changchun BCHT.
Diversification Opportunities for Beijing Roborock and Changchun BCHT
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Changchun is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Roborock Technology and Changchun BCHT Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Changchun BCHT Biote and Beijing Roborock is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Beijing Roborock Technology are associated (or correlated) with Changchun BCHT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Changchun BCHT Biote has no effect on the direction of Beijing Roborock i.e., Beijing Roborock and Changchun BCHT go up and down completely randomly.
Pair Corralation between Beijing Roborock and Changchun BCHT
Assuming the 90 days trading horizon Beijing Roborock Technology is expected to generate 1.26 times more return on investment than Changchun BCHT. However, Beijing Roborock is 1.26 times more volatile than Changchun BCHT Biotechnology. It trades about 0.03 of its potential returns per unit of risk. Changchun BCHT Biotechnology is currently generating about -0.06 per unit of risk. If you would invest 18,466 in Beijing Roborock Technology on September 13, 2024 and sell it today you would earn a total of 3,985 from holding Beijing Roborock Technology or generate 21.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Roborock Technology vs. Changchun BCHT Biotechnology
Performance |
| Timeline |
| Beijing Roborock Tec |
| Changchun BCHT Biote |
Beijing Roborock and Changchun BCHT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Roborock and Changchun BCHT
The main advantage of trading using opposite Beijing Roborock and Changchun BCHT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Roborock position performs unexpectedly, Changchun BCHT can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Changchun BCHT will offset losses from the drop in Changchun BCHT's long position.| Beijing Roborock vs. Sino Platinum Metals Co | Beijing Roborock vs. Hengli Industrial Development | Beijing Roborock vs. Hang Xiao Steel | Beijing Roborock vs. Qiaoyin Environmental Tech |
| Changchun BCHT vs. BeiGene | Changchun BCHT vs. Kweichow Moutai Co | Changchun BCHT vs. Beijing Roborock Technology | Changchun BCHT vs. G bits Network Technology |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Commodity Directory module to find actively traded commodities issued by global exchanges.
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